BSB Bancorp (BLMT), the holding company for Belmont saving Bank headquartered in Belmont, Massachusetts, Friday reported a fourth-quarter net loss of $1.3 million compared to net income of $178,000 last year.
The company noted that the fourth quarter included a non-recurring expense of $1.4 million for the contribution made to the Belmont Savings Bank Foundation. Net interest income for the quarter increased 47.1 percent to $4.9 million from $3.3 million last year. Net interest margin increased to 3.14 percent from 2.83 percent in the year-ago quarter.
Provision for loan losses increased to $0.7 million from $0.2 million in the prior-year quarter.
Robert Mahoney, chief executive officer of BSB Bancorp, said, "We have completed our first quarter as a publicly traded company. While the income statement was negatively impacted by large conversion-related expenses, our underlying business continues to grow profitably with particular strength in commercial real estate lending and deposit growth. Credit quality remains sound as our local economy continues to improve. Importantly, our ability to positively affect our community has been greatly enhanced by the creation of the $2 million Belmont Savings Bank Foundation"
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